The collaboration intends to leverage T-CAIREM's translational research in AI and FACIT's unique commercialisation-venture model to foster the growth of the next generation of biotechnology companies in Ontario
FACIT, T-CAIREM at the University of Toronto join forces to commercialise medical AI. (Credit: Gerd Altmann from Pixabay)
FACIT (Fight Against Cancer Innovation Trust) and the University of Toronto’s Temerty Centre for Artificial Intelligence Research and Education in Medicine (T-CAIREM) have joined forces in a partnership aimed at commercialising artificial intelligence (AI) innovations in the field of cancer research.
The collaboration intends to leverage T-CAIREM’s translational research in AI and FACIT’s commercialisation-venture model to foster the growth of the next generation of biotechnology companies in Ontario.
Under the memorandum of understanding (MOU), the partners will work together to identify and support promising AI technologies emerging from the T-CAIREM pipeline. Periodic reviews of novel intellectual property will lead to the identification of potential ventures for investment, clinical trial engagement, and pilot deployment in Ontario. T-CAIREM researchers will also benefit from FACIT’s commercial guidance and market strategies to build AI companies. These researchers can apply for venture seed funding through FACIT’s Compass Rose Oncology Fund to create competitive entrepreneurial ventures.
Moreover, the MOU strengthens the connections between T-CAIREM and FACIT’s strategic research partner, the Ontario Institute for Cancer Research (OICR). Both T-CAIREM and OICR are already conducting AI research in cancer, bringing additional synergy to the Ontario innovation pathway for commercialisation.
For FACIT, this partnership provides opportunities to expand its reach into the rapidly growing field of AI applications in health and medical sciences. It connects FACIT to a network of medical AI experts and traditionally non-medical AI experts, offering novel insights to approach medical problems and unmet needs. Additionally, FACIT can nurture the next generation of entrepreneurial researchers with a keen interest in translating and commercialising their discoveries.
The collaboration aligns with FACIT’s goal to surpass its recent milestone achievement of $1.5bn in follow-on investments in its portfolio of cancer biotechs. On the other hand, T-CAIREM benefits from rapid access to a commercialization pathway in Ontario, maximising the value of IP generated by scientists in local hospitals and research institutions. Ultimately, the partnership aims to enhance support for the research ecosystem in Ontario and provide significant benefits to scientists, students, entrepreneurs, and investors within the region.
FACIT president Dr David O’Neill said: “On behalf of the cancer community in Ontario and worldwide, we appreciate the hard work T-CAIREM scientists do every day to realise the full potential of medical AI.
“As partners, we share the ultimate goal for AI-based health innovations – to improve patient outcomes, while at the same time, creating innovation economy jobs in our community.”
T-CAIREM director Dr Muhammad Mamdani said: “Competing on the international stage, requires that T-CAIREM moves rapidly toward our translational goals.
“In assessing a variety of commercialisation entities, we prioritised deep start-up expertise, a proven track record, strong governance and strategic capital as key attributes for our venture strategy. As a well-respected leader in our community, FACIT is the ideal partner for our researchers and entrepreneurs.”